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WorksheetsAccountancy basics
Total questions: 20
Worksheet time: 10mins
What is Accountancy ?
Art
Science
Art and science
None of these
How many types of accounts are there?
1
2
3
4
Is trail balance is an accounts?
Yes
No
Don’t know
None of these
Example of Personal accounts?
Cash
Bank
Salary
Outstanding salary
Double entry system means
Twice recorded
Once in ledger once in journal
Recording of both aspects of transaction
None of these
Trade discount means
Cash discount
No discount
Reduction in price
None of these
Current assets example
Debtors
Capital
Drawing
Furniture
If the capital of a business is ₹ 5,00,000 and outside liabilities are ₹200,000. Calculate total assets of the business.
3,00,000
7,00,000
10,00,000
2,50,000
Amount which the firm owes to outsiders is known as.....
Capital
Expenses
Liability
Asset
Assets held for continued use in the business and not meant for resale are termed as..........
Fixed asset
Current Asset
Tangible asset
Intangible Asset
Which of the following equation is correct.....
Assets= Liabilities - Capital
Liabilities= Assets - Capital
Capital= Assets + Liabilities
Assets= Capital- Liabilities
.......... Refers to those liabilities which are to be paid normally with in one year.
Current liability
Non Current Liability
Loan
Borrowing
Which of the following will not be recorded in the books of account?
Sales of goods
Payment of salary
Quality of Staff
Purchase of goods
Anu is a furniture merchant. Which one of these transactions will not be recorded in her books ?
purchases of wood
sofa set purchases
sale of books
dinning table given as gift
Examples of revenue expenditure
Purchase of machinery
Cost of leasehold land
Cost of purchased Goodwill
Cost of stationery
Maintenance of books of accounting which is often routine and clerical in nature is called .....
a. Accountancy
b. Financial Management
c. Accounting
d. Book-Keeping
In accrual accounting, an expense is recognized when it is:
paid
posted to the general ledger
incurred
either b or c
In cash basis accounting, an expense is recognized when it is:
posted to the general ledger
paid
incurred
none of the above
Find Odd One - Building, Machinery,Furniture,Bills Payable
Building
Machinery
Furniture
Bills Payable
According to the rules of debit and credit, which of the following statement is correct ?
To record an increase in an asset, that account must be debited
To record an increase in a liability, that account must be debited
To record and increase in a revenue, that account must be debited
To record an increase in an expense, that account must be credited
